Replies to post #548 on Greystone Logistics Inc. (GLGI)

[MrT11]

Zach,

You still in or did you sell your shares?

GREYSTONE LOGISTICS, INC. REPORTS RESULTS OF OPERATIONS FOR THE PERIOD ENDED NOVEMBER 30, 2017

Jan 22, 2018
OTC Disclosure & News Service

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Tulsa, OK, Jan. 22, 2018 (GLOBE NEWSWIRE) -- (OTCQB:GLGI). Tulsa-based Greystone Logistics, Inc. reported sales for the three months ended November 30, 2017 totaled $9,722,102 compared to $9,221,711 for the prior year period for an increase of $511,391, or 6%. Sales for the six months ended November 30, 2017 were $20,009,177 compared to $17,065,972 for the prior period for an increase of $2,943,205, or 17%.

Greystone recorded net income attributable to common shareholders (after preferred dividends and income attributable to variable interest entities) for the six months ended November 30, 2017 of $363,371, or $0.01 per share, compared to a net loss attributable to common shareholders of $(76,330), or $(0.00) per share, for the prior period. For the three months ended November 30, 2017, Greystone recorded net loss attributable to common stockholders (after preferred dividends and income attributable to variable interest entities) of $(11,337), or $0.00 per share, compared to a prior period net income attributable to common stockholders of $41,109, or $0.00 per share. EBITDA was $3,204,732 for the six months ended November 30, 2017 and $1,315,798 for the three months ended November 30, 2017.

“Although we are pleased with the company’s top line growth, our results from operations were effected by extraordinary costs of ramping up production for our new leasing customer and completing installation of the previously reported new 3500 ton injection machine”, stated CEO Warren Kruger. Kruger continued, “Increased margins while growing sales continue to be a major focus for Greystone. On January 17, 2018, we received a purchase order for our 48X40 heavy duty pallet totaling in excess of $4.5 million from a new national customer. We first called on this potential opportunity over 15 years ago. Our persistency paid off. We continue to diversify our customer base and create innovative recycled pallet solutions. The revenue from this new customer will be recognized over several months beginning about March 2018. Our production and operation teams work diligently to maintain a high degree of utilization on equipment. This goal has a positive impact by lowering fixed costs allocation per pallet produced thus driving increased margins on greater sales volume. We look forward to our third and fourth quarters which are historically Greystone’s strongest. Additionally, we are continuing to invest in equipment and facilities to drive growth and shareholder value.”